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SBI buys IFC stake in Global Trade Fin

State Bank of India has acquired a majority stake in Global Trade Finance Limited, which specialises in factoring services. The bank has taken over the stakes of IFC Washington, Exim Bank and Fim Bank Malta in the company, which is one of the largest players in the Indian market having around 40 per cent market share.
The bank also has a majority stake in SBI Factors and Commercial Services Pvt Ltd, which has mainly been focusing on domestic factoring.
This acquisition is expected to help SBI to consolidate its position in both SME business and export financing. (Statesman)

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